"in You world are dream a living"

"You are living in a dream world!"

131 To Milton Waldman
“...The chief power (of all the rings alike) was the prevention or slowing of decay (i.e. 'change' viewed as a regrettable thing), the preservation of what is desired or loved, or its semblance – this is more or less an Elvish motive. But also they enhanced the natural powers of a possessor – thus approaching 'magic', a motive easily corruptible into evil, a lust for domination. And finally they had other powers, more directly derived from Sauron ('the Necromancer': so he is called as he casts a fleeting shadow and presage on the pages of The Hobbit): such as rendering invisible the material body, and making things of the invisible world visible.
The Elves of Eregion made Three supremely beautiful and powerful rings, almost solely of their own imagination, and directed to the preservation of beauty: they did not confer invisibility. But secretly in the subterranean Fire, in his own Black Land, Sauron made One Ring, the Ruling Ring that contained the powers of all the others, and controlled them...”

246 From a letter to Mrs Eileen Elgar (drafts) September 1963
“...In his [Sauron’s] actual presence none but very few of equal stature could have hoped to withhold it [The One Ring] from him. Of 'mortals' no one, not even Aragorn......Of the others only Gandalf might be expected to master him......it appears that Galadriel conceived of herself as capable of wielding the Ring and supplanting the Dark Lord. If so, so also were the other guardians of the Three, especially Elrond. But this is another matter. It was part of the essential deceit of the Ring to fill minds with imaginations of supreme power...”

Chapter 5 - The White Rider
“...Indeed my friends, none of you have any weapon that could hurt me...”

The Letters of JRR Tolkien
246 From a letter to Mrs Eileen Elgar (drafts) September 1963
...Frodo in the tale actually takes the Ring and claims it......When Sauron was aware of the seizure of the Ring his one hope was in its power: that the claimant would be unable to relinquish it until Sauron had time to deal with him......how Sauron would have acted or the claimant have resisted. Sauron sent at once the Ringwraiths. They were naturally fully instructed, and in no way deceived as to the real lordship of the Ring. The wearer would not be invisible to them, but the reverse; and the more vulnerable to their weapons. But the situation was now different to that under Weathertop, where Frodo acted merely in fear and wished only to use (in vain) the Ring's subsidiary power of conferring invisibility. He had grown since then. Would they have been immune from its power if he claimed it as an instrument of command and domination?

Not wholly. I do not think they could have attacked him with violence, nor laid hold upon him or taken him captive; they would have obeyed or feigned to obey any minor commands of his that did not interfere with their errand – laid upon them by Sauron, who still through their nine rings (which he held) had primary control of their wills. That errand was to remove Frodo from the Crack. Once he lost the power or opportunity to destroy the Ring, the end could not be in doubt – saving help from outside, which was hardly even remotely possible.

Frodo had become a considerable person, but of a special kind: in spiritual enlargement rather than in increase of physical or mental power; his will was much stronger than it had been, but so far it had been exercised in resisting not using the Ring and with the object of destroying it. He needed time, much time, before he could control the Ring or (which in such a case is the same) before it could control him; before his will and arrogance could grow to a stature in which he could dominate other major hostile wills. Even so for a long time his acts and commands would still have to seem 'good' to him, to be for the benefit of others beside himself.

The situation as between Frodo with the Ring and the Eight might be compared to that of a small brave man armed with a devastating weapon, faced by eight savage warriors of great strength and agility armed with poisoned blades. The man's weakness was that he did not know how to use his weapon yet; and he was by temperament and training averse to violence. Their weakness that the man's weapon was a thing that filled them with fear as an object of terror in their religious cult, by which they had been conditioned to treat one who wielded it with servility. I think they would have shown 'servility'. They would have greeted Frodo as 'Lord'. With fair speeches they would have induced him to leave the Sammath Naur – for instance 'to look upon his new kingdom, and behold afar with his new sight the abode of power that he must now claim and turn to his own purposes'. Once outside the chamber while he was gazing some of them would have destroyed the entrance. Frodo would by then probably have been already too enmeshed in great plans of reformed rule – like but far greater and wider than the vision that tempted Sam (III 177)5 – to heed this. But if he still preserved some sanity and partly understood the significance of it, so that he refused now to go with them to Barad-dûr, they would simply have waited. Until Sauron himself came. In any case a confrontation of Frodo and Sauron would soon have taken place, if the Ring was intact. Its result was inevitable. Frodo would have been utterly overthrown: crushed to dust, or preserved in torment as a gibbering slave. Sauron would not have feared the Ring! It was his own and under his will. Even from afar he had an effect upon it, to make it work for its return to himself. In his actual presence none but very few of equal stature could have hoped to withhold it from him. Of 'mortals' no one, not even Aragorn. In the contest with the Palantír Aragorn was the rightful owner. Also the contest took place at a distance, and in a tale which allows the incarnation of great spirits in a physical and destructible form their power must be far greater when actually physically present. Sauron should be thought of as very terrible. The form that he took was that of a man of more than human stature, but not gigantic. In his earlier incarnation he was able to veil his power (as Gandalf did) and could appear as a commanding figure of great strength of body and supremely royal demeanour and countenance.

Of the others only Gandalf might be expected to master him – being an emissary of the Powers and a creature of the same order, an immortal spirit taking a visible physical form. In the 'Mirror of Galadriel', 1381, it appears that Galadriel conceived of herself as capable of wielding the Ring and supplanting the Dark Lord. If so, so also were the other guardians of the Three, especially Elrond. But this is another matter. It was part of the essential deceit of the Ring to fill minds with imaginations of supreme power. But this the Great had well considered and had rejected, as is seen in Elrond's words at the Council. Galadriel's rejection of the temptation was founded upon previous thought and resolve. In any case Elrond or Galadriel would have proceeded in the policy now adopted by Sauron: they would have built up an empire with great and absolutely subservient generals and armies and engines of war, until they could challenge Sauron and destroy him by force. Confrontation of Sauron alone, unaided, self to self was not contemplated. One can imagine the scene in which Gandalf, say, was placed in such a position. It would be a delicate balance. On one side the true allegiance of the Ring to Sauron; on the other superior strength because Sauron was not actually in possession, and perhaps also because he was weakened by long corruption and expenditure of will in dominating inferiors. If Gandalf proved the victor, the result would have been for Sauron the same as the destruction of the Ring; for him it would have been destroyed, taken from him for ever. But the Ring and all its works would have endured. It would have been the master in the end.

Gandalf as Ring-Lord would have been far worse than Sauron. He would have remained 'righteous', but self-righteous. He would have continued to rule and order things for 'good', and the benefit of his subjects according to his wisdom (which was and would have remained great).